Business continues to boom according to Collectors Universe, parent company of PSA and PSA/DNA.
The company announced results for the first fiscal quarter of 2018 on Thursday, reporting a 25% increase in revenue to a record $19.8 million, up from $15.7 million in last year’s first quarter.
Company officials say it was driven by a $3.5 million, or 35%, increase in coin service revenues and a $600,000 (15%) increase in the company’s trading card and autograph authentication service revenues.
The news comes just a day after CU publicly announced plans to move into a new headquarters in Southern California to better accommodate its booming business. Last month, former PSA President Joe Orlando moved upstairs to become CEO of the company.
In addition to an increase fueled by demand from sports and entertainment collectors, CU’s coin grading business has skyrocketed, especially with new efforts paying dividends in China where revenues grew by 365% ($3.2 million).
“Virtually every segment of the business achieved all-time highs in revenue, resulting in the most profitable Q1 on record,” Orlando said of the financial report. “Perhaps most impressive is the fact that these record results were achieved during a quarter that has traditionally been one of our two slowest of the fiscal year. The combination of the consistent performance from our U.S. based services with the breakthrough quarter internationally propelled the numbers to new levels.”
Orlando hopes CU’s new facilities will make the process of getting cards, autographs, bats, coins and other items processed more efficiently.
“With millions of collectibles flowing through our doors each year, it is imperative that we continue to find ways of improving the customer experience, which includes returning their submissions in a timely manner.”